Ardent Health Services Inc. — one of the 10 largest hospital operators in the U.S. — has been purchased in a sale valued at $1.825 billion to Ventas, one of the largest health care real estate investment trusts (REIT) in the U.S.
Under Ventas, Ardent may be poised for growth in the consolidating health care environment. Among those growth opportunities are the acquisition of new health care facilities, entry into new markets, and expansion of the company's existing portfolio.
"This is a resounding endorsement of what we have built, the hard work of our dedicated physicians and employees and our plans for the future," said David T. Vandewater, president and CEO of Ardent, in a statement. "I'm excited about this opportunity to grow and confident in the future direction of our company."
Together, Ventas and Ardent will form an operating company that will be owned by current Ardent management, other equity sources, and up to 9.9 percent owned by Ventas.
"With Ventas, a $35 billion health care-dedicated REIT, we will have an opportunity to become a substantial capital partner to not-for-profit hospitals and health systems," said Vandewater. "Our experience in three very competitive markets demonstrates success in adding value, improving clinical quality and growing market share."
The transaction must receive regulatory approvals and is expected to be completed mid-year 2015.
